Milford at a glance
- Population: roughly 400 people; 549th of 595 places in New York (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 403 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: down roughly 0.7% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among New York places: 549th by size among 595 communities (US Census Bureau).
- Size percentile: larger than about 8% of the Census places in New York (US Census Bureau).
- Coordinates: 42.5905, -74.9469 (Census Gazetteer, US Census Bureau).
- Nearest larger cities: Cooperstown, NY (8 mi); Oneonta, NY (11 mi); Morris, NY (15 mi); Cherry Valley, NY (17 mi); Otego, NY (18 mi) (Census populations, approximate straight-line distance).
- Nearest smaller towns: Laurens, NY (8 mi); Franklin, NY (21 mi); Hobart, NY (21 mi) — US Census Bureau populations.
What a personal loan costs in Milford
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
New York lending rules that apply in Milford
Each row below is a New York rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Licensed Lender license required (Banking Law Article 9, sections 340-361); administered via NMLS Source says: "The Department of Financial Services uses the Nationwide Multistate Licensing System and Registry (NMLS) to manage the Licensed Lender License." | New York State Department of Financial Services as of 2026-09-16 |
| State lending regulator | New York State Department of Financial Services (DFS) Source says: "Notify the Department of Financial Services at (800) 342-3736 if you believe payday loans are being made in New York" | New York State Department of Financial Services as of 2026-09-16 |
| Criminal usury in the second degree (Penal Law 190.40) | Interest rate exceeding 25% per annum; class E felony Source says: "at a rate exceeding twenty-five per centum per annum or the equivalent rate for a longer or shorter period" | New York State Senate (Open Legislation) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 16% per annum maximum civil rate (Banking Law 14-a; General Obligations Law 5-501) Source says: "The maximum rate of interest provided for in section 5-501 of the general obligations law shall be sixteen per centum per annum." | New York State Senate (Open Legislation) as of 2026-09-16 |
| Payday lending status | Illegal in New York State, in person, by telephone, or over the Internet Source says: "Payday loans are illegal in New York State." | New York State Department of Financial Services as of 2026-09-16 |
How to compare offers in Milford
Run through this list before signing anything in Milford:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in New York using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.